Not so spooky: for National Estate Planning Awareness Month this October, Chuhak & Tecson wants to take the scare out of this critical task

October brings fall, pumpkin spice everything and, of course, Halloween. But it is also National Estate Planning Awareness Month. For many people, the conversations and considerations involved in preparing themselves and their loved ones for their passing are as scary a proposition as visiting a haunted house or running out of candy for ravenous trick-or-treaters. But Chuhak & Tecson’s Estate Planning & Asset Protection attorneys want to change that, turning the estate planning process from frightful to finished.

“Most people know how important it is to have an estate plan in place but, understandably, put it off because it can be difficult and uncomfortable to think about one’s mortality or because they may not think they have enough assets to warrant a plan,” says Lindsey Markus, principal and leader of the firm’s Estate Planning & Asset Protection practice. “But what we try to emphasize with our clients is that estate planning is really a positive and empowering endeavor rather than fear that the process will be overwhelming doom and gloom.”

Markus points out that estate planning, at its core, is simply an extension of what people spend so much of their lives doing: taking care of loved ones, supporting causes they are passionate about and ensuring they have the security and resources they need.

“In that sense, estate planning is much more about life than it is about death,” she notes. “When people sign their plans, they almost always have a deep sense of satisfaction and peace of mind, knowing that they have given those they love a gift, not only by making sure that they have the means to move forward, but sparing them from the confusion, challenges and problems (the court system and taxes) that come when people pass away without a plan in place.”

To that point, Markus alerts people to the issues that accompany the lack of an estate plan when she speaks with clients or in her frequent presentations on the subject. These include the fact that:

• Your assets may not go to the people or organizations you would have selected. Instead, a judge you’ve never met will distribute your estate according to your state’s rules of intestate succession.
• Your estate will need to go through probate, a lengthy, costly and public court proceeding.
• Your children and family members, lacking direction from you or having differing beliefs about your intentions, can become embroiled in conflicts about their rights and interests in your assets. Fierce court battles between siblings and others can irreparably poison the relationships that matter to you most.
• Your assets and any inheritance you leave behind can be significantly reduced by estate taxes that could have otherwise been minimized or avoided. 

This National Estate Planning Awareness Month, Chuhak & Tecson invites you to carve out some time to learn more about the importance of estate planning by watching our informative videos or arranging a consultation with your estate planning attorney. You can also visit here to learn more about Chuhak & Tecson’s Estate Planning & Asset Protection practice group.